Bill Gross: ‘Superman’s CAPE’, Morningstar Speech

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Bill Gross: ‘Superman’s CAPE’, Morningstar Speech
Bill Gross at the Morningstar conference in Chicago - June 19th 2014 photo by ValueWalk

Bill Gross is out with his latest missive, which is followed by the full transcript of his ‘infamous’ speech at the Morningstar Conference.

Bill Gross – One Big Idea via PIMCO

Investing and business success can often depend on one BIG idea and its timing. The peaking of short-term interest rates at 20% in the early 1980s and the bursting of the DotCom and NASDAQ bubble 20 years later were excellent examples of big ideas that made or broke investment portfolios. A similar tale was told by the late Peter Bernstein as he recalled his early career in the 1950s when investing for income was rapidly becoming old hat, appropriate perhaps for widows and orphans, but not for red-blooded business executives focusing on a new era of growth. He writes that one client told him, “Please remember, I just can’t stand more income.” Back then, Bernstein suggests, income was for “sissies.”

In 2014, the tide may be turning again as demographics, fear of another Lehman, or just income-starved insurance companies and similarly structured liability-influenced institutions, reach for anything they can get. The era of income may be, at the margin, replacing the era of capital gains, despite artificially low current yields.

Massif Capital’s Top Short Bets In The Real Asset Space [Exclisuve]

Screenshot 2022 08 10 18.57.51 1Since its founding by Will Thomson and Chip Russell in June 2016, the Massif Capital Real Asset Strategy has outperformed all of its real asset benchmarks. Since its inception, the long/short equity fund has returned 9% per annum net, compared to 6% for the Bloomberg Commodity Inde